Global markets have been weakening
technically and are poised to head sharply downward, “Gloom, Boom & Doom
Report” editor Marc Faber said Tuesday on CNBC.
On “Fast Money,” he stood by
his call that stocks would fall 20 percent.
“Basically, I think QE3, which I
think is unlimited, and bond purchases by the ECB bailout of countries have been
largely discounted by the market, and the markets have been weaking technically,
so I believe that we may have here quite a serious setback,” he said.
Faber discounted the role of
government intervention as a way to improve economic conditions.
“We need less policies, not more
policies,” he said.
“I would love to see everywhere in
the world, certainly in the Western world, government expenditures and
government bureaucrats cut by minimum 50 percent,” he added. “That would turn me
very bullish.”
Pressed for a place to put his
money, Faber looked to Asia.
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